Data released on Friday from the Australian Prudential Regulation Authority (APRA) showed that bank deposits are surging, rising by $16.5 billion in September:
The authority noted the increase was likely due to JobKeeper payments and tax refunds flowing into accounts in the month. Deposits have also been boosted by increased government payments, mortgage repayment deferrals and the withdrawal of $34.5 billion from superannuation accounts.
Since the start of the pandemic in February, $100 billion has been put away by households waiting for a change in the economy.
